It is generally believed that if you have filed a bankruptcy, your financial life is over. It is true but only if you are not fully informed. .
The fact is that bankruptcy has a huge negative impact on your credit report and if you haven't filed for bankruptcy yet, we highly recommend you to seak professional help and see if you can avoid filing bankruptcy but if it is already too late then don’t let anyone lead you to believe that there is nothing that you can do now. Actually, you can apply for a loan after bankruptcy!.Bankruptcy loans are totally different than poor credit loans. You have to work hard on your credit score before you apply for an after bankruptcy loan. What you have to do is that you have to prove to lenders that you are not a risk anymore.
And the simplest way to accomplish that is to keep your credit report stain-free after bankruptcy. So if you want to avoid any further damage and in order to avoid poor credit score, you have to pay your utility bills, credit card bills without any delay. You can not miss your monthly payment’s due dates! This has a very positive impact on your credit report and shows that you are working to rebuild your credit score and you have learned from your past mistakes.Here is one tip that will help you go a long way. Try to use your credit card as much as possible. Use it every time you buy grocery, gas or for any other daily life needs.
Make sure you are not over spending your credit card. Do not abuse it. Instead of using cash, use your credit card. Save your cash and when you get your credit card bill, pay it immediately using the cash you already have in your bank account. Do not pay in installments or you will have to deal with interest rates.
Repay your credit card bill on time and avoid paying any interest. By practicing this habbit, not only you will get credit card reward points quickly but it will also have a positive impact on your credit report.Do a little research on the internet.
Join different financial forums and interact with other people. Learn how they got out of bad credit and managed to rebuild their credit ratings. Learn from their experience and ask for advice if needed.
Find helpful tips and articles regarding bankruptcy loans on CreditandMortgageIndex.com and strictly follow those tips for a couple of months. Once you have done that, you will be able to get a reference letter from your credit card company and other companies. Use those reference letters and apply for a loan with different lenders - you may also be able to find some bad credit lenders.
This will help you go a long way and will help you get after bankruptcy loans. Good luck!.
Zeeshan Syed is the co-founder of CreditandMortgageIndex.com and provides loan, bankruptcy, debt and credit card related advice.